Barclays Prime Brokerage
Barclays Prime Brokerage Notes
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Resource #1: (12.1.08) Barclays cut its prime brokerage staff as it finishes integrating the Lehman business it acquired.
Barclays snapped up the Lehman unit after Lehman went into bankruptcy in mid-September.
About 100 people or 30% of the staff in the prime brokerage unit were let go, according to someone familiar with the matter. The cuts were across both firms and all roles where there was overlap between Barclays and Lehman. Some of the staff found other jobs at Barclays the source said.
Although the cut seems small given the more than 50,000 that Citi recently said it was laying off, it still adds to the continued exodus of staff on Wall Street. JPMorgan Chase is planning to lay off about 3,000 people and Goldman Sachs is planning a 10% cut, according to Bloomberg. source
Resource #2: Barclays has agreed to buy Lehman Brother’s North American investment-banking group, including its prime brokerage, just days after effectively forcing Lehman into bankruptcy.
New York-based Lehman filed for Chapter 11 on Monday after talks with Barclays about buying the whole of Lehman broke down. But yesterday, it agreed to pay $250 million for Lehman’s investment banking and capital markets operations in North America, which has about 10,000 employees. Barclays also agreed to pay another $1.5 billion for Lehman’s Times Square headquarters and two data centers in New Jersey.
“The proposed acquisition of Lehman Brothers North American investment banking and capital market operations accelerates the execution of our strategy of diversification by geography and business in pursuit of profitable growth on behalf of our shareholders, in particular increasing the percentage of Barclays earnings sourced in North America,” Barclays CEO John Varley said.
Barclays will also “immediately commence discussions” about buying Lehman operations outside of the U.S., Lehman said in a statement.
“This is a wonderful outcome for a great number of our employees that will preserve and strengthen our terrific franchise,” Lehman CEO Richard Fuld said. Read more here...
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Tags: Barclays Prime Brokerage, Lehman Prime Brokerage, Barclay Prime Brokerage, Prime Broker Services from Barclays Bank, hedge fund prime brokerage firm Barclays
